PNC Financial Services Group Inc. Sells 706 Shares of Cass Information Systems, Inc. (NASDAQ:CASS)

PNC Financial Services Group Inc. reduced its holdings in Cass Information Systems, Inc. (NASDAQ:CASSFree Report) by 10.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,019 shares of the business services provider’s stock after selling 706 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cass Information Systems were worth $271,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. GSA Capital Partners LLP bought a new stake in Cass Information Systems in the third quarter valued at $1,578,000. Trust Point Inc. bought a new stake in shares of Cass Information Systems during the 4th quarter valued at about $460,000. Vanguard Group Inc. increased its position in shares of Cass Information Systems by 1.2% during the third quarter. Vanguard Group Inc. now owns 801,636 shares of the business services provider’s stock valued at $29,861,000 after buying an additional 9,463 shares during the period. Exchange Traded Concepts LLC bought a new position in Cass Information Systems in the fourth quarter worth about $390,000. Finally, Raymond James & Associates lifted its holdings in Cass Information Systems by 17.6% in the fourth quarter. Raymond James & Associates now owns 39,405 shares of the business services provider’s stock worth $1,775,000 after buying an additional 5,905 shares during the period. 59.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CASS. StockNews.com lowered Cass Information Systems from a “buy” rating to a “hold” rating in a research report on Saturday, April 27th. Piper Sandler upgraded Cass Information Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $45.00 to $51.00 in a report on Monday, February 12th.

View Our Latest Research Report on Cass Information Systems

Cass Information Systems Stock Performance

Shares of CASS opened at $42.40 on Friday. Cass Information Systems, Inc. has a fifty-two week low of $35.50 and a fifty-two week high of $50.25. The firm’s 50-day simple moving average is $44.51 and its two-hundred day simple moving average is $44.59. The stock has a market cap of $578.51 million, a PE ratio of 19.36 and a beta of 0.73.

Cass Information Systems (NASDAQ:CASSGet Free Report) last issued its earnings results on Thursday, April 18th. The business services provider reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.07). The firm had revenue of $49.68 million during the quarter, compared to analysts’ expectations of $50.68 million. Cass Information Systems had a return on equity of 13.67% and a net margin of 15.21%. Equities research analysts predict that Cass Information Systems, Inc. will post 2.35 EPS for the current year.

Cass Information Systems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Tuesday, June 4th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Tuesday, June 4th. Cass Information Systems’s payout ratio is 54.79%.

About Cass Information Systems

(Free Report)

Cass Information Systems, Inc provides payment and information processing services to manufacturing, distribution, and retail enterprises in the United States. The company operates through two segments, Information Services and Banking Services. Its services include freight invoice rating, payment processing, auditing, and the generation of accounting and transportation information.

See Also

Institutional Ownership by Quarter for Cass Information Systems (NASDAQ:CASS)

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